European Parliament approves EU-Vietnam free trade agreement
- EU-Vietnam free trade agreement will gradually eliminate almost all customs duties
- The deal includes binding rules on climate, labour and human rights
- EU a step closer to region-to-region trade with Southeast Asia
The EU-Vietnam trade agreement, the “most modern and ambitious agreement ever concluded between the EU and a developing country”, got Parliament’s backing on Wednesday.
MEPs gave their consent to the free trade agreement by 401 votes, 192 votes against and 40 abstentions. The “most modern, comprehensive and ambitious agreement ever concluded between the EU and a developing country” will contribute to setting high standards in the region, and could lead to a future region-to-region trade and investment agreement, said the Parliament, in an accompanying resolution adopted by 416 votes for, 187 against and 44 abstentions. The agreement is “a strong signal in favour of free, fair and reciprocal trade, in times of growing protectionist tendencies and serious challenges to multilateral rules-based trade”, MEPs stressed.
Source: European Parliament
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In: Growth & Competitiveness, Trade